AUD/USD remains bid short-term – Commerzbank

Karen Jones, Head of FICC Technical Analysis at Commerzbank, noted the Aussie dollar keeps its bid tone unchanged in the near term.

Key Quotes

“AUD/USD remains bid near term following its recent rally from the 55 day ma at .7453 and currently looks likely to retest of the .7675 recent high and the 78.6% retracement at .7688. We look for these to hold the topside and provoke failure. Below the 55 day ma at .7453 lies the 200 day ma at .7340. The 2016 support line lies .73122”.

“Resistance at .7688 and the 3 rd May high .7717 represent the last defence for the .7836/50 recent high and the 38.2% retracement, this is tougher resistance and we look for the market to fail here, if this is reached”.